Retail management - retail marketing mix and planning
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Transcript of Retail management - retail marketing mix and planning
Retail marketing mix
Retail marketing mix is the term used to describe the various elements and methods required to formulate and execute retail marketing strategy.
Retail managers must determine the optimum mix of retailing activities and co-ordinate the elements of the mix.
The aim of such coordination is for each store to have a distinct retail image in consumers’ mind.
The mix may vary greatly according to the type of market the retailer is in, and the type of product/services.
Retail Marketing Mix
While many elements may make up a firm’s retail marketing mix, the essential elements may include:
Store location, merchandise assortments Store ambience, customer service, price, Communication with customers
The mix planning
The retail marketing mix is the vehicle through which a retailer’s marketing strategy is implemented and, in planning the mix, retailers should be guided by three basic principles:
1. The mix must be consistent with the expectation of target customers;
2. Elements must be consistent with each other to create synergy; and
3. The mix must be responsive to competitive strategy.
Key Element
Place (store location) Target market Channel structure Channel management Retailer image Retail logistics Retail distribution
Key element
Product (merchandise) Product development Product management Product features and benefits Branding Packaging After-sales services
Key element
Promotion Developing promotional mixes Advertising management Sales promotion Sales management Public relations Direct marketing
Key element
People element Staff capability Efficiency Availability Effectiveness Customer interaction Internal marketing